协定的反对者认为货币联盟会使法国沦为德国的附庸国。
Opponents of the treaty argue that monetary union will turn France into a vassal of Germany.
并避免加入这个货币联盟的新障碍。
但在一个货币联盟之内，这是不可能的。
为何希腊财政危机不会危及欧洲货币联盟？
欧洲经济与货币联盟（EMU）是否仍然存在？
Will European Economic and Monetary Union (EMU) still exist?
不用说，货币联盟是要放弃相当大的货币主权。
Needless to say monetary union was a significant surrender of monetary sovereignty.
他们(欧洲)的问题是货币联盟设计的基本缺陷。
Their problem is a basic flaw in the design of the monetary union.
欧洲货币联盟最原始的设想认为这样的整合没有必要。
The original conception of Europe’s monetary union saw no need for such integration.
不管阿联酋如何行动，货币联盟余下的支持者似乎热衷于此。
Despite the UAE's move, the monetary union's remaining backers seem keen to press on.
在这个货币联盟成立的前几年里，这些看起来都不是大问题。
None of this seemed to matter during the first few years of the monetary union.
谈及货币联盟的管理之道，美利坚合众国就是个很好的典范。
This list of necessary arrangements is a description of the monetary union that is the United States of America.
对欧元来说，更重要的遗留问题还在货币联盟之内。
The more important legacy for the euro may be within the currency zone itself.
这是一个17个国家的货币联盟，很难做决定，使问题更加复杂。
The fact that this is a monetary union of 17 countries makes decision making difficult, which complicates the problem.
它错误地认为在一个货币联盟内的国家不再受到国际收支平衡限制。
It believed, wrongly, that countries within a monetary union no longer faced balance-of-payments constraints.
一个货币联盟所要求的，可能不仅仅是欧元债券和小规模的财政联盟。
A monetary union may require more than just a eurobond and a small fiscal union.
然而，自从欧元危机开始动摇货币联盟以来，这一情况已经发生了改变。
That has changed since the euro crisis shook the monetary union and the realization sank in that things cannot continue as they are.
另一方面，正如弗里德曼指出的那样，组成货币联盟就意味着牺牲灵活性。
On the other hand, as Friedman pointed out, forming a currency union means sacrificing flexibility.
先说几个明白无误的事实：但凡大的货币联盟，只要机制合理，就应精简管理；
First, some broad truths: Managing a large monetary union should be straightforward, so long as the right mechanisms are in place.
在欧元区创立之时，曾有不计其数的文章来论述它是否是一个最理想的货币联盟。
When the eurozone was created, a huge literature emerged on whether it was an optimal currency union.
一个货币联盟的强度取决于它最薄弱的一环，而对于欧元区而言，这一环就是希腊。
A currency union is as strong as its weakest link, which in the eurozone's case is Greece.
货币联盟的实质是财政联盟的一种“完美逻辑”就连一向善于怀疑的英国人也为之折服。
Even the sceptical British say that the "remorseless logic" of monetary union is greater fiscal union.
其二，从属于庞大货币联盟的小国家所得到的优惠与他们在危难关头得到的援助全然不同。
A second lesson is that the benefits to a small country of being part of a big currency union are not all they were once cracked up to be.
货币联盟还保护了德国工业的竞争力，从而让德国经济在国内需求停滞的情况依然得以增长。
The currency union has also protected the competitiveness of German industry and so allowed the economy to grow, despite the stagnation of domestic demand.
货币联盟还保护了德国工业的竞争力，从而让德国经济在国内需求停滞的情况依然得以增长。
The currency union has also protected the competitiveness of German industry and so allowed the economy to grow, despite the stagnation of domestic demand.
应用推荐